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NYSE Morning Update 12/27/12

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Ahead of the Bell: Dow futures are trading up 20 points and S&P futures are trading up 3 points.  The focus will be the fiscal cliff negotiations, which are expected to resume today. With less than a week to go before the potentially disastrous tax hikes and spending cuts kick in, law makers are scrambling to come up with a last minute deal. Both congressional leaders and President, Barack Obama cut short their Christmas holiday to return to Washington to hammer out a budget plan. In hopes for a possible deal, House Speaker, John Boehner offered to consider any bill produced by the Democratic-controlled Senate.      



  • On the economic calendar today, weekly jobless claims will be out before the market opens, a reading of 365K is forecasted compared with 361K for the week prior.  New home sales for November will be out after the opening bell and it is expected to be 375K versus 368K for October.   

  • The dollar is down against the major currencies.  Gold is trading at $1,654.  Crude oil is currently trading at $90 a barrel.  

  • Yesterday, stocks slipped as retailers dragged, following a report which showed that consumer spending for the holiday season was weaker than economists had forecasted.

  • On CNBC today, John Kanas, BankUnited Chairman and CEO, talked about the effects of the fiscal cliff on the banking industry.  Kanas said it would not be the first time Washington threw a Hail Mary pass and not get a deal done.  He would not be surprise to see if the bickering between politicians goes on for the next few weeks and then they come up with a plan.  He added, there are some reasons to be optimistic for getting a deal done, but he is concerned with the long term prospects for the economy. Companies are holding back from spending because they want to know where the economy is going.  Kanas pointed out, we are going to raise taxes and cut spending, so let’s get a deal done.       

  • Happy Thursday and have a nice day.

Wednesday’s Close


DJIA down 24.49 pts/-0.19%/13,114.59


S&P down 6.83 pts/-0.48/1,419.83


Nasdaq down 22.44 pts/-0.74/2,990.16


 


Thursday’s Futures


Dow Futures up 20.17 pts/+0.16%


S&P Futures up 3.50 pts/+0.25%


Nasdaq Fut up 6.75 pts/+0.26%


 


Overseas Markets


FTSE +0.59%


CAC 40 +0.60%


NIKKEI 225 +0.91%


HANG SENG +0.35%


 


Overseas:  World stock markets are up today.  European and Asian markets are up on hopes of getting a deal done on the fiscal cliff, after leaders from both parties returned to Washington to strike up some last minute negotiations.


 


Economic Reports:  Jobless Claims expected to be 365K at 8:30 a.m., New Home Sales expected to be 375K, and Consumer Confidence expected to be 70.0 10:00 a.m.


 


Top Headlines:    



  • Toyota Motor Corporation (TM) has agreed to pay $1.1 billion to settle class-action litigation over claims that millions of its vehicles accelerate unintentionally.

  • Covidien Plc (COV) said it is acquiring privately held CV Ingenuity, a producer of treatments for peripheral arterial disease. Financial terms of the deal were not disclosed.

  • Marvell Technology Group (MRVL), the chip maker was found by a jury for infringing on patents held by Carnegie Mellon and ordered to pay $1.17 billion.               

Commodities/Currency:


Gold:down$5.90 to $1,654.85
Oil: down 0.16 to $90.83

EUR/USD 1.3264 +0.0041
USD/JPY 85.7550  +0.2530
GBP/USD 1.6183 +0.0047


 


Volatility Index (VIX): As of the close of business Wednesday, December 26, the VIX is up 0.89 at 19.46


Companies Reporting Quarterly Earnings:    


None as of yet.


Today’s Opening and Closing Bells:


 


Players, coaches and university staff participating in the New Era Pinstripe Bowl will visit the NYSE to showcase their respective universities to the New York metropolitan area.  Dana Holgorsen, Head Coach of the West Virginia University football team and Ryan Nassib, Senior Quarterback of the Syracuse University football team will ring the opening bell.


 


Pencils of Promise Founder & CEO Adam Braun promotes 100th school and Schools will ring the closing bell.


 


 


 


 


Paras Madho


NYSE Euronext


Market Watch  & Corporate Actions


212 656 5404


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Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community.  NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.    


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